The reported purchasing of the shares is viewed as a confidence-boosting measure during a period of sell-offs described as "insane" by analysts.

In an SEC filing first spotted by the Business Insider, Bog Iger announced that he bought shares worth $1 million.

The announcement is significant as Iger exercised a million options on Disney stock recently, netting $17.9 million, Fortune has reported.

Speaking to Bloomberg on the recent development, Disney spokesperson Zenia Mucha said: "He's just diversifying his investments and still has a very large portfolio of Disney stock."

Iger joined Apple's board of directors a year ago and is credited with healing the wounds between the two companies, which had soured during his predecessor's stewardship of the studio.

However, this is not the first time that Iger has purchased $1 million worth of Apple shares (near $375 per share). He was said to have purchased $1 million worth of shares while joining the board a year ago.

However, the current purchase of shares seems to have come at an average price of $563.35 for 1,780 shares of a stock.

Recently, Apple's stock price has witnessed some struggle owing to the concerns that a potential ending of business tax breaks can harm Apple's profits.

The lower-than-expected iPad sales of 14 million units in September seem to have contributed to the stock performance to some extent.